Ishikawajima-Harima Heavy Industries Co. said Tuesday it has revised upward its earnings forecast for the current fiscal year as it will book an additional extraordinary profit from the sale of real estate holdings.
The heavy machinery manufacturer said it now expects a group net profit of 7 billion yen for the full year, up from a profit of 1 billion yen estimated in November.
Forecasts for group pretax profit and sales remain unchanged at 18 billion yen and 1.1 trillion yen, respectively.
The company said it will sell part of its real estate holdings in Koto Ward, Tokyo, to the governmental Urban Development Corp. for 13.35 billion yen.
The deal for the estate, which has a lot area of 6.4 hectares and book value of 20 million yen, will be completed in the middle of January, the company said.